Problem Coins

[coinmerchant]

Hello,

I'm a new member here, and have just started collecting coins, and recently been purchasing

coin lots at auctions with mixed results. Unfortunately I took the gamble

of bidding on ten victorian silver coins through the saleroom, and have notice

that on the 1847 young head crown in around fair condition, there are two minute holes

on the edge/rim of the coin. Also another coin a 1895 old head, appears to have been cleaned.

Obviously this will reduce the value of these coins, possibly to scrap value.

I know its Caveat Emptor, but should have the auctioneer mention this in the description,

as it is impossible for internet buyers to know about this.

Should I sell these problems coins on eBay, with of course, describing these flaws/ or

let them go as scrap? I have tried to attach a image file, but the file is showing as too big.

Your advice would be most appreciated.

William

[Coinery]

Hi William, and welcome!

Whilst I did in an earlier thread today complain about your exact scenario, I do equally sympathise and understand the variables and difficulties of grading/describing coins for distant buyers, especially when the lots can run into thousands, and they run 4+ auctions annually!

When you consider 'perfection' could one day mean slabbed coins or watchdog ethics and 'accountabilty' being applied to, not just coins, but to all 'antique-type' auctions, we can hopefully appreciate it would be a shame, and would undo the last suvivor of the 'wit' principle!

You either need to be there, or distant- bid, taking account of the variables!

I'd say sell through eBay, with integrity, is the way to go! I don't think we should buy dud/fake/imperfect coins, and then equally deceive! Better to take it on the chin and not repeat!

Keep posting William! Everyone here craves intelligent debate. Also, well done you for striking out into the auction houses as a newbie!

[coinmerchant]

Hi Coinery,

Thank you for helpful reply. I'm been wondering as the wording for

these coins in the auction lot was mixed grades, whether it would be worth

while contacting the auctioneer concern, and see if they may be prepared to

recompense me in a small way, possibly through a reduction in the buyers premium, as to me

this coin his now scrap, and this should been mention in the description.

Of course these Auction houses do cover themselves really well in there term and conditions,

so I may be a little optimistic, that they would that decent. Mine you at least I have

only spent a few hundred pounds on this lot, so a lesson leant here, which

has not cost me thousand of pounds!

I would actually now feel more comfortable buying through a reputable dealer, as usually with

problems like this, you could send the coin back for a refund. Also I feel auctions, have

bit of a cheek charging a buyers premium of around 15%/20% as well as a sellers premium of

a similiar amount. Do you really find bargains at these places? when you take this into account.

Sounds like a good business to be in!

Best

William

[Peckris]

Hello,

I'm a new member here, and have just started collecting coins, and recently been purchasing

coin lots at auctions with mixed results. Unfortunately I took the gamble

of bidding on ten victorian silver coins through the saleroom, and have notice

that on the 1847 young head crown in around fair condition, there are two minute holes

on the edge/rim of the coin. Also another coin a 1895 old head, appears to have been cleaned.

Obviously this will reduce the value of these coins, possibly to scrap value.

I know its Caveat Emptor, but should have the auctioneer mention this in the description,

as it is impossible for internet buyers to know about this.

Should I sell these problems coins on eBay, with of course, describing these flaws/ or

let them go as scrap? I have tried to attach a image file, but the file is showing as too big.

Your advice would be most appreciated.

William

The minute holes in the rim will be due to its having been mounted at some point in its past. But if it's in Fair condition, it won't affect the value too much - it's the scarcest issue, and anyone buying a Fair example shouldn't be put off too much by those (in my opinion). The cleaned coin is another matter - if it's been polished, and wasn't a high grade to begin with, it will be worth not much more than scrap I'm afraid. However, even polished coins will tone back in time so if you plan to keep it then you can take measures to quicken that, and people here will let you know how to do that.

[coinmerchant]

Hello Peckris,

Thank you for your comments, sounds not too bad then.

I will keep the polish coin so it can tone back, and it would be nice

to know how you can quicken the process.

Pity I can't manage yet to attach a image of these coins, keeps

saying file to big to upload?

Thanks

William

[Peckris]

Hello Peckris,

Thank you for your comments, sounds not too bad then.

I will keep the polish coin so it can tone back, and it would be nice

to know how you can quicken the process.

Pity I can't manage yet to attach a image of these coins, keeps

saying file to big to upload?

Thanks

William

You can either upload the pictures to an external host such as photobucket or image shack, or run them through an image editor to reduce the size, save as jpegs, and reduce the quality. You get a scant 150k per post, so some people post obverse and reverse in separate posts.

[Coinery]

I'm been wondering as the wording for

these coins in the auction lot was mixed grades, whether it would be worth

while contacting the auctioneer concern, and see if they may be prepared to

recompense me in a small way, possibly through a reduction in the buyers premium, as to me

this coin his now scrap, and this should been mention in the description.

In all fairness, if you've bought a 'lot' described as 'mixed grade,' how could you fairly go back to the auctioneers and say you've been misled?

I think you should most definitely treat it as a learning curve, and recoup what you can without subscribing to the weaknesses you've been disappointed by in your recent auction.

As you say, you've only spent hundreds, and from what Peckris is saying, all is probably not lost...next time you will be wiser! The auctions most definitely are, and most definitely are not, the places to get a bargain (hope that statement helps?)! I still salute you for getting straight into the auctions!

[coinmerchant]

Yeah, to be honest, in hindsight your right. I made a mistake! Should have left this auction alone

when the lot was as describe as mixed grades, as this can mean just about anything.

The problem with making bids through the The Saleroom, although very convenient, to me

anyway, is a bit of a gamble, since you have only images and condition reports to go on, which are

all rather subjective.

Btw, I live about 20 miles from Warwick and Warwick Auctions in Warwick, as anyone used these people

for purchasing coins? Also Chard coins seem to have a good reputation, is this justified?

Thank you again for your advice.

[azda]

I bought a lot which apparently included 2 maundy sets. Now bear in mind maundy Sets have 4 coins, both had original boxes but only the boxes were poctured.

When the Sets arrived, there was 1 coin missing from 1 set and 3 coins missing from the other dated box. The 1 coin left in that dated box was'nt the correct coin for that box.

I bidded on basically for 2 maundy sets and basically did'nt Even get a set, i emailed them stating maindy sets contained 4 coins and was quite pissed off TBH, they refunded me the complete outlay, and so they should have or Else i would have been Talking to trading Standards

[azda]

P.S coinmerchant, watch your spelling. Peckris likes to pick at these minor details when possibly writing to fast and highlight these in extreme bold lettering. Peckris is Mr Perfection, so make sure you write to, too and two where it should be written and also your and you're

Edited August 30, 2012 by azda

[Red Riley]

P.S coinmerchant, watch your spelling. Peckris likes to pick at these minor details when possibly writing to fast and highlight these in extreme bold lettering. Peckris is Mr Perfection, so make sure you write to, too and two where it should be written and also your and you're

And quite right too. The English language is a beautiful thing. Innit?

[azda]

P.S coinmerchant, watch your spelling. Peckris likes to pick at these minor details when possibly writing to fast and highlight these in extreme bold lettering. Peckris is Mr Perfection, so make sure you write to, too and two where it should be written and also your and you're

And quite right too. The English language is a beautiful thing. Innit?

Aye, but those darrn Yanks srewed it up

[Peter]

P.S coinmerchant, watch your spelling. Peckris likes to pick at these minor details when possibly writing to fast and highlight these in extreme bold lettering. Peckris is Mr Perfection, so make sure you write to, too and two where it should be written and also your and you're

TOO FAST DAVE

[Peter]

P.S coinmerchant, watch your spelling. Peckris likes to pick at these minor details when possibly writing to fast and highlight these in extreme bold lettering. Peckris is Mr Perfection, so make sure you write to, too and two where it should be written and also your and you're

And quite right too. The English language is a beautiful thing. Innit?

Joe Public seem to have difficulty in their Ebay listings...

[Gary D]

When buying from an auction blind do not distance selling rules come into play. You should be able to send them back as long as you are within the time limit.

[Peter]

There are very few sellers that I trust from grading.I wouldn't buy at an auction unless I could get good images of the coins.Bulk lots and the alarm bell rings.

[Coinery]

When buying from an auction blind do not distance selling rules come into play. You should be able to send them back as long as you are within the time limit.

I think auctions operate under different legislation, but don't quote me on that one! That's not to say they're all crooks, mind you, Warwick & Warwick have just been more than generous to me regarding a fake in a lot I bought! I don't think they were obligated to accommodate me at all as it was a 'lot' purchase! Out of a lot of 15 I got 4 keepers, and 10 to move on, plus an extremely kind 10% refund on the hammer + BP price for the fifteenth, very happy!

[coinmerchant]

When buying from an auction blind do not distance selling rules come into play. You should be able to send them back as long as you are within the time limit.

I doubt it very much.

There are very few sellers that I trust from grading.I wouldn't buy at an auction unless I could get good images of the coins.Bulk lots and the alarm bell rings.

The first coin auction I won was very good. Unfortunately this made me too confident, and a lesson has been learnt.

Similiar to gambling, you first bet wins, and you think this is easy. I made another gamble, this time it was a losing bet!

It will not happen again.

[Peckris]

When buying from an auction blind do not distance selling rules come into play. You should be able to send them back as long as you are within the time limit.

I'm not sure it's a rule? However, I would think that auction houses have a fairness reputation to preserve, so it must always be worth sending lots back if for any reason they prove to be unsatisfactory.

Do Sale Of Goods and Trades Descriptions Acts apply to auctions?

[Coinery]

When buying from an auction blind do not distance selling rules come into play. You should be able to send them back as long as you are within the time limit.

I'm not sure it's a rule? However, I would think that auction houses have a fairness reputation to preserve, so it must always be worth sending lots back if for any reason they prove to be unsatisfactory.

Do Sale Of Goods and Trades Descriptions Acts apply to auctions?

I think all the above mentioned rulings apply to online 'fixed price' purchases! eBay AUCTIONS and distant bidding at commercial auctions I believe come under a different banner. Whilst I've not wasted a single moment following up my speculative thought, I do know the new eBay rulings re 'cooling off' periods, namely 'returns' are obligatory, only apply to fixed-price listings!

[coinmerchant]

Peckris comment

the minute holes in the rim will be due to its having been mounted at some point in its past. But if it's in Fair condition, it won't affect the value too much.

Btw i should have said in my original post, that the two minutes holes, are actually in the edge of the coin, not on the rim, which is different..

Does that make any difference?

[Coinery]

Peckris comment

the minute holes in the rim will be due to its having been mounted at some point in its past. But if it's in Fair condition, it won't affect the value too much.

Btw i should have said in my original post, that the two minutes holes, are actually in the edge of the coin, not on the rim, which is different..

Does that make any difference?

On the edge, rather than the rim, means it's even more likely to be an ex mount.

Holes in the edge are obviously less detracting than on the rim. However, a mount's a mount, and they seem to 'annoy' some people more than others. Whether they can put up with it or not depends on how desperately they've been looking for that particular coin. Personally, I think I would prefer the gap, i'll let you know if I ever get close to that situation.

[coinmerchant]

To tell you the truth, although its a scarce date, the condition is really only fair. Have taken

a look on eBay, in this condition it would fetch around £25.00/£30.00, not much

above scrap value. It look much better on the auction website, but has said earlier, I have

learnt a valuable lesson. Sometimes there's no subsitute for experience, especially in the

coin trade.

[Peckris]

Peckris comment

the minute holes in the rim will be due to its having been mounted at some point in its past. But if it's in Fair condition, it won't affect the value too much.

Btw i should have said in my original post, that the two minutes holes, are actually in the edge of the coin, not on the rim, which is different..

Does that make any difference?

Sorry, my mistake. I often use the term 'rim' when I really mean 'edge'. I assumed you meant the part where the milling is!

[coinmerchant]

No problem at all. As you said in a previous post, its not going to make much difference, because

of the condition. Saying that though, I expected better from a auction house. This type of thing you would

expect from eBay. And at least with them, you can send the item back for a refund, as most sellers of coins

on there, will offer this option.

The auction houses will just hide behind there terms and conditions. I will never buy through the

saleroom again. Its just a gamble! and a poor gamble IMHO when you think about it.